Central Russian region bans crisis… from public speech

Authorities in the Central Russia’s Kaluga Region have banned the use of the word ‘crisis’ in public and the measure is already helping to attract investors, according to the local governor.

“It is possible that the crisis exists, but we forbid the use
of this word,” the Russian News Service (RSN) radio quoted
Anatoly Artamonov as saying on Tuesday.

The governor added that the Kaluga Region authorities were not
planning a policy response to the current “inconvenient
moment,” but instead chose to hold a major internal audit of
the investment policy and legislation in order to create a better
business environment.

The region already has various benefits for small and medium
businesses as well as special “industrial parks” – special sites
prepared for housing production facilities and offices, Artamonov
said. He noted that investors found these measures to be very
attractive.

The statement arrived as Russian currency was suffering one of
the worst drops in history, with exchange rates plunging more
than 20 percent in just one day and record lows against the US
dollar and euro recorded daily.

The head of Russia’s Central Bank, Elvira Nabiullina, blamed the
situation on market speculators and noted that the devaluation of
national currency should put an end to their activities.

“We must learn to live in a new reality, to focus more on our
own resources to finance projects and give import substitution a
chance,” Nabiullina said.